Millennial Entrepreneurs: It Isn’t All About Social Media

What do you think is the biggest obstacle–either of their own making or not–that millennial entrepreneurs face?

ERIC THOME: Millennial entrepreneurs have a more difficult time judging how well they are reaching and servicing their customer base. There is too large an emphasis on a slick website, too many options for advertising and too much focus on social media.

In general, too many millennials think they can create a world-class brand overnight by increasing their viewership. While there are examples of companies that grew from nothing but a Facebook page and have sustained, there are plenty of others that got a lot of buzz and then fizzled away.

To prepare for a longer future, businesses need to effectively reach customers, convince them that what they are offering is worth money and then close the transaction. And then repeat this over and over. If the business is good, then it will improve with each transaction and each customer will become more profitable. If not, the business will spin its wheels, count its “followers” and run out of cash.

Eric Thome is the President and CEO of Folbot, a manufacturer and retailer of folding kayaks. He is also the founder of GameDayBlazers.com.